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Old 11-26-2019, 10:54 PM   #1
MinnieMomofOne
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Default Maybe Buying Offsite Condo - Bahama Bay??

Current trip may be best ever for us. This two week vacation approach is amazing. Iíll update TR at some point but right now Iím looking for some expert opinions. One of the goals this trip was to go real estate shopping. I think we have found a community where Iíd be comfortable buying. Does anyone know anything - good or bad - about Bahama Bay? https://www.wyndhamvacationrentals.c...-resort-resort

10 minutes from Disney, (25 from parks) Wyndham managed, 30-45 minutes from airport, multiple community pools, restaurants, club house, etc. 24/7 security gate & we can take lazy way out with Wyndham managing rentals or Air B&B it ourselves with a property manager if we want. 3 bed, 2 bath condo for under $120,000. Monthly HOA is $535 and includes water, WiFi, sewer, garbage, grounds, security .... basically everything but electricity. Economics are such that if we use the condo (and our Poly points) rather than rent hotel or house, we could lose a bit each year while paying mortgage & still come out ahead.

Iím seriously considering buying one of these before we leave. Iíd love to have my own place in Orlando. One reason I might wait is to take another year or two to save enough to go for a small single family house instead. I really canít think of any other reason not to jump in for this dream.

What do you think? Continue saving or make the leap???
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Old 11-26-2019, 10:59 PM   #2
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Wow! Sounds quite excellent. In the very early stages of looking at real estate in the area as well, but this would be right up my alley...
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Old 11-26-2019, 11:17 PM   #3
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it could be fun to wind up neighbors! Hereís link to current listings at Bahama Bay.

After looking at places this trip, there are several we ruled out. But after looking at a unit at BB this morning I keep going back to it as a good option. I think we will go look at several there later this week and spend some time really checking out amenities. Meanwhile, Iíll be reading all the attached docs on the listings tomorrow to see if theres something that makes this too good to be true.
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Old 11-27-2019, 02:39 AM   #4
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it could be fun to wind up neighbors! Hereís link to current listings at Bahama Bay.

After looking at places this trip, there are several we ruled out. But after looking at a unit at BB this morning I keep going back to it as a good option. I think we will go look at several there later this week and spend some time really checking out amenities. Meanwhile, Iíll be reading all the attached docs on the listings tomorrow to see if theres something that makes this too good to be true.

Thanks! And very good idea. There was one area my former coworker and I were looking at several months ago, more apartment/hotel-like. Prices were nice until one looked at the monthly fees which were much higher than desired. Iíll try to figure out where it was though just as a point of comparison. If I figure It out Iíll text. Best of luck with your search!
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Old 11-27-2019, 07:10 AM   #5
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No advice......Just good luck in your search of a new Home! Keep us updated, these kind of threads peak my interests of owning in Florida....one day.
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Old 11-27-2019, 09:13 AM   #6
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The pictures on the link look really wonderful Amy. As a person that owns rental homes IMO I think owning a condo and renting is much more simplified over owning a home and renting, that's just my two cents.

Whichever way you go sounds terrific! Happy house hunting and good luck with your decision!
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Friday, 02/08/19 - Sunday, 02/10/19 - VGC
Sunday, 06/30/19 - Friday, 07/12/19 - HHI
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Friday, 09/27/19 - Tuesday, 10/01/2019 - VGC
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Wednesday, 10/30/2019 - Monday, 11/04/2019 - BWV (Running 2nd 10K w/BFF - 11/02/19)
Monday, 11/04/2019 - Saturday, 11/09/2019 - BWV
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Old 11-27-2019, 09:23 AM   #7
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We had purchased a beach condo (closer to us in MD) prior to our Disney craziness and DVC. While it is not an apples to apples comparison, I thought I would share our experience of being a vaction property owner and DVC member.

We rarely get to our beach condo and it is only a three hour drive (ironically we have been to Disney more times this past year and that requires flights). We had to replace a sliding glass door that cost us nearly 4K this year. While you wouldn't have this happen in Florida but two years ago, we had a pipe burst in winter flooding our unit and several neighbors. Insurance covered a lot but it was six months of pain and what ended up being an 8K bathroom overall after the insurance work fixed everything. Wear and tear is tough, replacing furniture is far more often since they are rentals.

I would imagine in Orlando, much like our beach town, the market is flooded with rentals so each year it is a guessing game to know how much rental income we will recieve (much smaller rental season) but we have seen so much competition. What sets your unit apart from everythign else? We continue to add/spend to make ours nicer to keep driving rentals. For us, the week at the beach is slowly eroding in today's world. Everybody wants shorter term rentals, I could see that in Orlando as well.

There are tax implications (second home versus rental). Since we are water front we have flood insurance and I am sure some sort of hurricane insurance is something to consider. Don't forget the cut of the rental fees (easily 10%). When they have to repair something for a rental it will be costly. We had a tenant complain about two light bulbs being out in our light bar in the bathroom (mind you there are spare bulbs in the closet and you could still easily see), we had to pay a $75 service call to put in new lightbulbs. How many tenants does it take to put in a lightbulb? None, you will pay to have a service guy do it.

These are the little things in vacation rentals that nobody thinks about. Of course there is an advantage to the real estate and I don't want to be a downer, but these are the things nobody thinks about. Good luck regardless!
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Old 11-27-2019, 09:40 AM   #8
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Quote:
Originally Posted by richviii View Post
We had purchased a beach condo (closer to us in MD) prior to our Disney craziness and DVC. While it is not an apples to apples comparison, I thought I would share our experience of being a vaction property owner and DVC member.

We rarely get to our beach condo and it is only a three hour drive (ironically we have been to Disney more times this past year and that requires flights). We had to replace a sliding glass door that cost us nearly 4K this year. While you wouldn't have this happen in Florida but two years ago, we had a pipe burst in winter flooding our unit and several neighbors. Insurance covered a lot but it was six months of pain and what ended up being an 8K bathroom overall after the insurance work fixed everything. Wear and tear is tough, replacing furniture is far more often since they are rentals.

I would imagine in Orlando, much like our beach town, the market is flooded with rentals so each year it is a guessing game to know how much rental income we will recieve (much smaller rental season) but we have seen so much competition. What sets your unit apart from everythign else? We continue to add/spend to make ours nicer to keep driving rentals. For us, the week at the beach is slowly eroding in today's world. Everybody wants shorter term rentals, I could see that in Orlando as well.

There are tax implications (second home versus rental). Since we are water front we have flood insurance and I am sure some sort of hurricane insurance is something to consider. Don't forget the cut of the rental fees (easily 10%). When they have to repair something for a rental it will be costly. We had a tenant complain about two light bulbs being out in our light bar in the bathroom (mind you there are spare bulbs in the closet and you could still easily see), we had to pay a $75 service call to put in new lightbulbs. How many tenants does it take to put in a lightbulb? None, you will pay to have a service guy do it.

These are the little things in vacation rentals that nobody thinks about. Of course there is an advantage to the real estate and I don't want to be a downer, but these are the things nobody thinks about. Good luck regardless!

We too use to own condos that we would rent, except ours were in Myrtle Beach. Yes, the units brought in great rental income but at the end of the year, we always had a net loss. Why, for many of the same reasons.....management fees, repair fees, replacement fees, taxes/hoa increases....the list goes on. I could not tell you how many times people would steal stuff from our rental units...including microwaves. We sold the last of our units about four years ago. And since we live in Maryland, we had to use a rental management company in South Carolina.


We currently own a vacation home at Bethany Beach, Delaware..... that we do not rent. If I had to rent my unit to cover the bills, then I would not even buy the unit at all. The headaches and the costs are not worth it to us in the long run.
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Old 11-27-2019, 09:51 AM   #9
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If you can afford to own the unit and not rent it, that of course is best. When my husband and I have run the numbers for ourselves I think the biggest thing that kills any profit you might have are the fees to have the management company handle things. IMO their cut is really so big it overshadows your opportunity to make any money due to all the other expenses.

The only rental units we own at this point in time are local units that are within a couple of miles of where we live. DH is the handyman and I handle everything else. If you have a good renter, you're really lucky, if you have a bad renter they can wipe out a year's worth of any potential profit very, very easily -- security deposits aren't usually enough to cover any type of massive damage.

For all of the reasons above this is why DH says that owning DVC is one of the best "second homes" we could have. He loves that we go, we stay, we have fun, and we don't worry about the finer details. Owning DVC is expensive, but to not have the worries of a rental has been priceless to us.
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Where I'm Going 2019:

Friday, 01/18/19 - Monday, 01/21/19 - Offsite (Hyatt Regency Orange County)
Friday, 02/08/19 - Sunday, 02/10/19 - VGC
Sunday, 06/30/19 - Friday, 07/12/19 - HHI
Friday, 08/30/19 - Monday, 09/02/2019 - VGC
Friday, 09/27/19 - Tuesday, 10/01/2019 - VGC
Friday, 10/11/19 - Monday, 10/14/2019 - VGC
Friday, 10/25/19 - Wednesday, 10/30/2019 - VGF
Wednesday, 10/30/2019 - Monday, 11/04/2019 - BWV (Running 2nd 10K w/BFF - 11/02/19)
Monday, 11/04/2019 - Saturday, 11/09/2019 - BWV
Friday, 12/20/19 - Tuesday, 12/24/2019 - VGC


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Old 11-27-2019, 10:31 AM   #10
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Quote:
Originally Posted by cmrdgrs View Post
If you can afford to own the unit and not rent it, that of course is best. When my husband and I have run the numbers for ourselves I think the biggest thing that kills any profit you might have are the fees to have the management company handle things. IMO their cut is really so big it overshadows your opportunity to make any money due to all the other expenses.

The only rental units we own at this point in time are local units that are within a couple of miles of where we live. DH is the handyman and I handle everything else. If you have a good renter, you're really lucky, if you have a bad renter they can wipe out a year's worth of any potential profit very, very easily -- security deposits aren't usually enough to cover any type of massive damage.

For all of the reasons above this is why DH says that owning DVC is one of the best "second homes" we could have. He loves that we go, we stay, we have fun, and we don't worry about the finer details. Owning DVC is expensive, but to not have the worries of a rental has been priceless to us.
Preach it sister!!!!!
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